Qdrop
04-21-2005, 07:50 AM
http://today.reuters.com/news/newsArticle.aspx?type=domesticNews&storyID=2005-04-21T081011Z_01_N20240515_RTRIDST_0_USREPORT-ENERGY-CONGRESS-DC.XML
U.S. House Seen Approving Energy Bill on Thursday
Thu Apr 21, 2005 4:10 AM ET
By Tom Doggett
WASHINGTON (Reuters) - The U.S. House of Representatives was expected to approve an $8 billion energy bill on Thursday after brushing aside Democratic criticism that the legislation is a giveaway to big energy companies while motorists face record-high gasoline prices.
A surge in oil prices this year has squeezed consumers' budgets, contributed to a growing U.S. trade imbalance and raised worries about possible inflation. The average gasoline pump price hit a record $2.28 a gallon last week.
The Republican-written bill would encourage more long-term production of domestic oil, natural gas, coal, nuclear and other forms of energy. It would also boost production of ethanol, a corn-distilled additive for gasoline.
"The Republican energy plan is a bonanza for the energy industry," said Democrat Henry Waxman of California. "While natural gas, heating oil and gasoline prices have skyrocketed, we're going to be giving these companies more money."
The bill has incentives for renewable energy, but its $8 billion in tax breaks are mostly aimed at the traditional energy industry. Democrats said a major weakness was the legislation's failure to set stricter fuel efficiency standards for new vehicles to curb the U.S. appetite for oil.
Supporters of the House bill insisted that an overhaul of U.S. energy policy is long overdue.
Texas Republican Joe Barton, the chief writer of the bill, said its price tag was "peanuts" compared to $166 billion spent for U.S. oil imports in 2004.
The measure would have to be reconciled with the Senate's version before it could become law. The Senate Energy Committee is expected to finish writing its energy bill in May, followed by a vote in the full Senate.
WHITE HOUSE BACKING
President Bush, who supports the House bill, acknowledged that it would not lower prices at the gasoline pump anytime soon.
"An energy bill wouldn't change the price at the pump today. I know that and you know that," Bush said in a Wednesday speech to the U.S. Hispanic Chamber of Commerce. "I wish I could simply wave a magic wand and lower gas prices tomorrow.".....
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yes Bush, a magic wand......
you fuckin twat.
U.S. House Seen Approving Energy Bill on Thursday
Thu Apr 21, 2005 4:10 AM ET
By Tom Doggett
WASHINGTON (Reuters) - The U.S. House of Representatives was expected to approve an $8 billion energy bill on Thursday after brushing aside Democratic criticism that the legislation is a giveaway to big energy companies while motorists face record-high gasoline prices.
A surge in oil prices this year has squeezed consumers' budgets, contributed to a growing U.S. trade imbalance and raised worries about possible inflation. The average gasoline pump price hit a record $2.28 a gallon last week.
The Republican-written bill would encourage more long-term production of domestic oil, natural gas, coal, nuclear and other forms of energy. It would also boost production of ethanol, a corn-distilled additive for gasoline.
"The Republican energy plan is a bonanza for the energy industry," said Democrat Henry Waxman of California. "While natural gas, heating oil and gasoline prices have skyrocketed, we're going to be giving these companies more money."
The bill has incentives for renewable energy, but its $8 billion in tax breaks are mostly aimed at the traditional energy industry. Democrats said a major weakness was the legislation's failure to set stricter fuel efficiency standards for new vehicles to curb the U.S. appetite for oil.
Supporters of the House bill insisted that an overhaul of U.S. energy policy is long overdue.
Texas Republican Joe Barton, the chief writer of the bill, said its price tag was "peanuts" compared to $166 billion spent for U.S. oil imports in 2004.
The measure would have to be reconciled with the Senate's version before it could become law. The Senate Energy Committee is expected to finish writing its energy bill in May, followed by a vote in the full Senate.
WHITE HOUSE BACKING
President Bush, who supports the House bill, acknowledged that it would not lower prices at the gasoline pump anytime soon.
"An energy bill wouldn't change the price at the pump today. I know that and you know that," Bush said in a Wednesday speech to the U.S. Hispanic Chamber of Commerce. "I wish I could simply wave a magic wand and lower gas prices tomorrow.".....
---------------------
yes Bush, a magic wand......
you fuckin twat.